Pre-Construction Condos in Miami

New construction against Miami's resale condo values

Resale condo values give you a benchmark for any developer price list. Zillow values for condos:

• Miami: $383,531, against $583,705 for all Miami home types.
• Miami Beach: $460,054.
• Aventura: $408,163.
• Sunny Isles Beach: $620,883.
• Statewide: $262,592, down 3.9% over the past year.

A new unit usually costs more per square foot than a resale unit nearby. The premium buys a building that is decades away from its first milestone inspection, current building code, and no backlog of deferred repairs. It also buys uncertainty: you are committing to today's price for a home you will close on in the future, with no guarantee the market will match it at completion. I ask buyers to price two or three resale units in the same area before they sign, so they know the size of the premium they are paying.

Deposit schedules and where the money sits

Developers collect deposits in stages: at reservation, at contract, and at construction milestones such as groundbreaking or topping off. The total paid before closing is often a large share of the price, and the schedule is written into the contract.

Florida condo law sets the rules for those funds:

• The first 10% of the price must be held in escrow. It cannot be spent on construction.
• Deposits above 10% can be used for construction costs if the contract says so and the developer meets statutory conditions. Money spent on construction is not sitting in an account you can recover easily if the project fails.
• Reservation deposits taken before a contract are refundable and also go into escrow.

Read the escrow agent's name, the deposit release clause and the default clause together. If you stop paying deposits, most developer contracts let the developer keep what you have paid.

The 15-day cancellation right and what to read in it

Florida gives buyers of new condo units from a developer 15 days to cancel after signing the contract or receiving all required documents, whichever is later, with a full refund. The clock is short for a large document package, so plan to read it the week you sign. Focus on:

• The estimated operating budget and the monthly assessment for your unit type.
• Developer guarantees of assessments during the early period, and when they expire.
• Reserves: the structural integrity reserve study rules apply to buildings three or more stories, and owners cannot waive SIRS reserves for budgets adopted on or after December 31, 2024.
• Completion dates and what remedies you have if the developer misses them.
• Change rights: how much the developer can alter floor plans, finishes or amenities without your consent.
• Use restrictions on guests, pets and leasing length, which affect resale value.

A Florida real estate attorney can review the contract inside the 15 days. This isn't legal or tax advice.

Financing at completion, not at signing

Most pre-construction buyers pay deposits in cash and get a mortgage only when the building is finished. That creates three risks to plan for:

• Rates: you will borrow at whatever rate exists at closing, not the rate on the day you signed.
• Appraisal: the lender lends on the appraised value at completion. If it comes in below your contract price, you cover the gap in cash.
• Building approval: lenders review a new condo project before lending in it, including how many units are sold and how many owners live there. Some new buildings do not qualify for standard loans at first, which leaves condo-specific or portfolio loans with larger down payments.

Foreign buyers can buy in Miami without residency or citizenship, but foreign national loans typically need 30% to 40% down. Buying does not provide a visa. Florida SB 264 restricts some buyers domiciled in China, Cuba, Iran, North Korea, Russia, Syria and Venezuela near military sites and critical infrastructure, with broader limits on Chinese domiciliaries; check that with an attorney before signing.

Closing costs in a Miami-Dade developer contract

Developer contracts are written by the developer's lawyers, and closing costs often shift toward the buyer compared with a resale contract. Look for:

• Deed stamps: Miami-Dade charges $0.60 per $100 of the price plus a $0.45 surtax on properties other than single-family homes, which includes condos. Some developer contracts pass this cost to the buyer.
• Title: in Miami-Dade the buyer customarily pays for the owner's title policy, at Florida's promulgated rate. Developers sometimes choose the title agent.
• Working capital contribution: a one-time payment to the association, often equal to a few months of assessments.
• Mortgage taxes if you finance: $0.35 per $100 of the loan in note stamps and 0.2% intangible tax.

Ask for a closing cost estimate in writing before the 15-day window ends.

What tends to go wrong between contract and keys

The common problems on new towers are practical, not dramatic:

• Delays that push closing into a different rate or price environment.
• Higher monthly assessments than the first estimated budget, once real insurance and staffing costs arrive.
• Insurance costs for the building, which flow into your assessment, and your own unit policy.
• Finish substitutions allowed under the contract.
• Resale competition at completion, when many owners in the same building list at once.

Walk the unit with an inspector before closing and list every defect in writing. New construction still has defects, and they are easier to get fixed before you close than after.

Choosing between a new tower and a recent resale

A building that was finished a few years ago can offer the same code, similar finishes and an established association with a real budget history. Resale buyers also have a 7-day cancellation right after receiving association documents, excluding weekends and legal holidays, since July 1, 2025. For buyers who want a modern building in Miami without waiting, a recent resale is often the easier comparison to make before committing to a deposit schedule.

For a fair comparison, line up the same four numbers for each option: total price, monthly assessment, the unit insurance quote, and the cash you would have tied up before closing. On a new tower, add the months until completion and the interest you give up on deposits held in escrow. On a resale, add any planned assessment shown in the association minutes. Seeing both side by side, with fees and insurance costs filled in, usually settles the question.